Vikas EcoTech shares rise after strong business updates

Shares of Vikas EcoTech surged about 3 per cent during Monday's trading session after the company shared business updates from its polymer compounds division.
 

Vikas EcoTech, in an exchange filing, said that the company has bagged fresh orders for specialty compounds valued at around Rs 20 crore. Its specialty compounds and chemicals business has grown at over 30 per cent on a year-on-year (YoY) basis for the last 3 years post the Covid-19 Crisis, said the company.

The company has been growing its broad-basing customer base and has successfully roped-in players like Olectra Greentech, Polycab India, DCW, Khadim India and Paragon Footwears among other leading names from the respective product segments.

Following the update, shares of Vikas EcoTech gained about 3 per cent to Rs 3.21 on Monday, with the company commanding a total market capitalization of Rs 350 crore. The scrip had settled at 3.12 on Friday. The stock has rallied about 35 per cent from its 52-week low in March 2023.

Vikas Ecotech is expanding its business portfolio by manufacturing steel pipes and MDPE (medium-density polyethene) pipes. Last month, the company forayed into the real estate sector for development of commercial and residential projects in Gurugram, Haryana.

The New Delhi-based company is engaged in the business of specialty polymers for applications in sectors like electrical, infrastructure, packaging, and automotive, among others.

Also read: Hot stocks on July 17, 2023: Adani Enterprises, Yes Bank, Subex, Mazagon Dock, others

Also read: GQG acquires 5.96% stake in Patanjali Foods OFS; stock jumps